42 – Teaching older kids and young adults about money

Ever wondered why so many kids are still at home way after university? Our main task as parents when it comes to money is to transition our children from primary school where we pay for everything, to their first job where they are able to pay for what they need.  The challenge is that for many of us, we over-correct on our own experiences.  We try and take away the struggle we experienced by giving our kids everything we never had – but in doing so, remove the valuable lessons they need to survive… Lessons that include the satisfaction of hard work, resilience, ownership, and a healthy relationship with money.

I share with you 4 steps to get your children to stand on their own and embrace their independence!

Show Notes

  • 1 step: Give your early tweens and teens a small allowance to cover their WANTS
  • 2 step: Grade 10-12: a bigger allowance to cover their non-school expenses
  • 3 step: What to consider for your children at university
  • 4 step: The first five years after university
  • The parable of the butterfly
  • The challenge of ‘giving our children everything we didn’t have’
  • Transformation from parental dependence to self-reliance
  • The need for us as parents to re-examine our own experiences
  • Discerning a need from a want
  • The ‘middle third’ philosophy
  • Providing the opportunities to fail fast in a safe environment
  • Understanding the skills of budgeting, priorities, time management, trade-offs and consequences
  • Giving your children the ability to balance real-world demands of work, study and social activity
  • Ensuring that you are not robbing from your future self

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